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ECONOMIC INDICATORS
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Economy
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PNG is a country with rich natural resources. It has estimated recoverable reserves of about 1.96 tons of gold reserves, over 180 million barrels of oil and 5 TCF of natural gas. It is rich in forest and marine resources. Its 2/3rd export earnings come from gold, silver, copper, nickel, crude oil. PNG’s major imports are machinery & equipment, manufactured goods, food, chemicals. While its mining and oil sectors are dominated by Australia, USA, UK, its other major trading partners are Japan, Germany, Singapore, China, NZ, Korea and Malaysia. Trade with Australia constitutes 35% of total trade. China has become a major player with large investment in nickel and cobalt mines. In 2022-23 Australia will provide AUD$ 479.2 million annual Official Development Assistance (ODA) to PNG. Other donors are Japan, EU, China, NZ
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Currency Exchange rate with US$ & INR
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1PNG Kina = 23 Indian Rupees
1PNG Kina = 0.28 US$
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GDP at market price
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31.36 Billion USD (2022)
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GDP per capita
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USD 6,120 (2022)
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GDP Growth Rate
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4.6 % (2022)
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Trade:
Imports
Exports
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Trade surplus of USD 6.8 billion
USD 4.20 Billion
USD 11.00 Billion
PNG imports from Australia, China, Singapore Malaysia Indonesia. Top import products are refined petroleum, excavation machinery, crude petroleum, other edible preparations, and delivery trucks.
PNG exports to China, Japan, Taiwan, Korea, Australia. PNG’s main export products are petroleum gas, gold, copper ore, rough wood, crude petroleum.
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Bilateral Trade
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India’s Export to PNG: US$ 85.84 million (2022-23)
India’s Import from PNG: US$ 643.36 million(2022-23)
Total Trade: US$ 729.20 million (2022-2023)
Items imported by India from Papua New Guinea: Nickel, Copper, Pearls, copper ores, wood & its articles, cocoa, semi-precious stones.
Items exported from India: Textile, Merchandise, Cereals, pharmaceuticals, Iron & steel articles, Plastic, Foot-ware, machinery & mechanical appliances, chemical products.
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Problems faced by the country:
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PNG sits on ‘Pacific Ring of Fire’ a line of seismic faults encircling Pacific that has frequent earthquakes & volcanic eruptions. On 27 Feb 2018, there was 7.5 magnitude earthquake in 3 highland provinces of PNG affecting 544,000 people in 5 provinces which caused considerable devastation, loss of lives and people were displaced). A volcanic eruption in Mount Ulawun, West New Britain took place on 26 June 2019 rendering thousands evacuated to care centres. A magnitude 7.6 quake struck a remote area in Sept 2022 killing 21 people. On 3rd April 2023, PNG’s East Sepik province hit by 7.1 magnitude earthquake leaving four dead.
Politics in PNG is volatile. PNG faces serious law & order issues emanating from its tribal heritage; issues hampering business activities due to poor infrastructure and road connectivity.
PNG, although a resource-rich nation, about 40% of its people live in poverty. Covid-19 pandemic revealed recurring issues with delay on the part of government, poor economic management, and a health care system that is overwhelmed and underfunded. PNG was already battling measles, drug-resistant TB, and polio outbreaks with low vaccination rates before Covid-19 began to spread. Furthermore, a culture of impunity is fostered by the poor enforcement of laws against violence against women and children.
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Name of major tourist spots:
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Kokoda Track, Port Moresby Nature Park, Sepik River, Massim Museum, Mt Tavurvur, Mt Wilhelm, Kimbe Bay, Port of Alotau , National Museum and Art Gallery; Parliament Haus; Volcanology Observatory; Muschu Island; Port Moresby Nature Park; Lae War Cemetery;
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